News & Resources

Security key for electronic payments

Feb 11, 2013 Dave King

Many experts and economists believe that the global marketplace is rapidly shifting toward a more cashless outlook, with electronic payments taking up a greater percentage of overall transactions each year. Businesses should consider adopting the necessary tools to launch mobile and other cashless payments strategies to gain a competitive advantage over industry players who are approaching the technology more slowly.

ACH cards are an exceptionally popular form of electronic payments among enterprises across the globe, especially as these services help expedite a variety of accounts payable and receivable tasks. However, businesses need to cultivate strong security protocols to avoid any issues with ACH cards and wire transfer fraud, as automated payments continue to be a favorite target of web-based criminals.

Shoring up defenses
The Economist recently reported that the rapid and widespread shift of financial services to digital formats has given thieves a brand new and highly accessible avenue to steal funds. As the trends surrounding online banking, electronic payments and mobile transactions continue to intensify, so too will the need for tried and true security software and policies.

According to the news provider, banks and enterprises have fallen victim to outages and theft as a result of hackers more in recent years than ever before, likely the because of higher volumes of transactions taking place on the web. Because hackers have become incredibly agile when finding ways to circumvent security standards in payment systems, enterprise decision-makers need to formulate strategies that include regular penetration tests and other assessments.

The source explained that regulators in various nations have attempted to increase legislation that narrows the pool of risks apparent in the financial services sector, but have had difficulty passing laws fast enough to curtail the constantly evolving issues. This is why businesses need to take responsibility for all payment processes occurring in their systems, as a proactive approach to security will yield the safest situations. 

Oversight key in fight against digital crime
While advanced security technology is a crucial component when working to safeguard corporate networks and data, policy making, training and enforcement should be the highest priorities of enterprise decision-makers. By engaging all employees in training that gives them the knowledge necessary to carry out electronic transactions securely, businesses will be safe out of the reaches of hackers.

Further, diligent and persistent oversight of all activity in account payable and receivable can ensure that no long-term crimes, which are often the most devastating events, go on undetected.